Make that two: Dad buys daughter apartment then one for himself too

This savvy Dad has given his daughter an incredible gift, that was so great he got one for himself too.

This savvy investor Dad bought his daughter an apartment, and liked it so much he bought himself one too.

Sydney Dad Luis Valarezo is a savvy property investor who helped his daughter Madisan purchase her first apartment in early 2021.

“We were looking for a first home for Madisan, and we wanted to buy off the plan, and for the younger crowd there’s quite a lot going on in Marrickville with the lifestyle.”

Mr Valarezo helped his daughter find a property at TOGA’s Wicks Place in Marrickville and assisted her with the 10 per cent deposit.

This comes as the latest affordability report from PropTrack revealed just how challenging it was for first home buyers to purchase a property on their own.

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Lusi Valarezo and daughter Madisan at the Marrickville apartment.

Home prices in NSW had reached such heights that the latest data showed first home buyers would find it close to impossible to purchase a home unless they had help from family.

If they didn’t, they would have to be earning within the top 20 per cent highest incomes in the state.

“We helped with the deposit, she had about half the funds,” he said.

He also wanted Madisan to buy somewhere that he thought would be a good investment.

“I saw a lot of value in Marrickville as a long-term investment, its quite trendy its got the boutique breweries and its really changed since I used to work there,” Mr Valarezo said.

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“Purchasing off the plan also gave her a bit more time to save more too.”

Luis celebrating at the Surry Hills apartment.

The buying experience and finishes of the display home won Mr Valarezo over, who then purchased an investment property three months later for himself in Toga’s Surry Hills Village development.

Mr Valarezo was a well-versed property investor who said he had a varse portfolio, but “doesn’t just invest anywhere.”

“My focus is on the inner west and east areas, they’re strong performers in the market, blue-chip areas,” he said.

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“Obviously the yield is not quite as strong, I play for market growth more than yield even though Surry Hills is yielding quite well.”

Inside the Surry Hills Village apartment.

More inside.

He said he used his self-managed super fund to invest in the property and had already rented the one bedroom property out fully furnished for $1100 a week.

“Buying off the plan, I always go in strong areas or areas that are changing,” he said.

He said he looked for a “quality developer,” when he purchased off the plan.

“The beauty of Surry Hills is I look at that site and that site was so rare. I saw what TOGA packaged up the build quality and the convenience of the shopping and the up market retail … that’s quite transformational for Surry Hills,” he said.

“Also I’m a crazy roosters supporter … I’ve got the best one bedroom facing east to Allianz stadium, you can hear the crowds,” he said.

“Surry Hills is already a trendy suburb and I think this will take it to the next level.”

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Originally published as Make that two: Dad buys daughter apartment then one for himself too